Muscle Spasticity Market Is Estimated To Witness High Growth Owing To Opportunity For Non-Invasive Treatment Options
Muscle spasticity refers to involuntary muscle contractions that occur as a result of damage to the central nervous system caused due to conditions like multiple sclerosis, spinal cord injury, cerebral palsy, brain injury and stroke. If left untreated, spasticity can cause pain, discomfort and reduce mobility. Currently available treatment options include medications to reduce spasms, physical and occupational therapy, orthotic devices, surgeries and other invasive procedures. However, there is an increasing need for alternative non-invasive treatment solutions.
The global Muscle Spasticity Market is estimated to be valued at Us$ 4942.44 Mn in 2023 and is expected to exhibit a CAGR Of 7.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for non-invasive treatment options presents a key growth opportunity for players in the muscle spasticity market. Currently available treatment options are often associated with risks of side effects from medications or complications from invasive surgeries. There is a need for alternative non-drug therapies that can help manage symptoms effectively without any risks. Non-invasive neuromodulation therapies like repetitive transcranial magnetic stimulation (rTMS) and transcutaneous electrical nerve stimulation (TENS) offer promising treatment approaches. Their advantages include selective targeting of motor areas, lack of cognitive side effects and ability to manage both upper and lower extremities spasticity. With ongoing research to maximize effectiveness, neuromodulation therapies have potential to revolutionize long-term spasticity management in a safe, painless and convenient manner without need for hospitalization. This presents a lucrative growth opportunity for companies offering effective non-invasive treatment solutions.
Porter’s Analysis
Threat of new entrants: The muscle spasticity market requires substantial R&D investments and regulatory approvals for new drugs and therapies. This poses a high entry barrier for new companies.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of limited treatment options and high unmet clinical needs. However, large healthcare providers can negotiate on pricing and discounts.
Bargaining power of suppliers: The market has presence of many pharmaceutical companies and device manufacturers supplying drugs, therapies and other treatment products. This provides buyers with alternative supply sources.
Threat of new substitutes: Threat from new substitutes is moderate as new innovative therapies and drugs continue to emerge but they require extensive research and approvals before being commercialized.
Competitive rivalry: The market has presence of global and regional players offering diversified products. Intense competition exists on the basis of product differentiation, pricing strategies and portfolio expansion into new treatments.
SWOT Analysis
Strengths: High prevalence of muscle spasticity conditions, growing geriatric population, rising research into advanced treatments.
Weaknesses: Low awareness in developing regions, high treatment costs, risks of drug therapies.
Opportunities: Emergence of novel drug delivery mechanisms, stem cell therapies, expansion into untreated indications.
Threats: Patent expiries of major drugs, regulatory hurdles for new therapies, reimbursement challenges.
Key Takeaways
The Global Muscle Spasticity Market Demand is expected to witness high growth during the forecast period of 2023-2030. The market size for 2023 is estimated at US$ 4942.44 Mn.
Regional analysis of the muscle spasticity market sees North America as the largest market currently due to supportive reimbursements and robust healthcare infrastructure. However, Asia Pacific is poised to grow at the fastest pace led by expanding medical services, growing disposable incomes and increased focus on rare diseases in countries like China and India.
Key players operating in the muscle spasticity market are Blackmores Limited, Vitaco Holdings Limited, Integria Healthcare, Bioglan, Deep Blue Health (NZ) Co. Limited, Phytomed, NZ Herbals, and Sanderson. Blackmores Limited and Vitaco Holdings Limited hold a significant market share due to their diversified offerings across drugs and therapies. New product launches and geographical expansions remain key strategies adopted by leading companies to strengthen market position.
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